Banks begin London exodus as hopes of transitional deal fade
Businessam Staff
July 12, 2017
While that is the premise of Snap Inc’s popular messaging platform, investors also saw any gains from its red-hot IPO disappear when shares plunged far below their initial sale price on Tuesday. Morgan Stanley, a lead underwriter on the company’s initial public offering, slapped a price target of $16 on the stock – a buck […]
Bank of Japan buying fewer bonds without spooking investors
Businessam StaffJuly 6, 2017
The European Central Bank is now wrestling with a problem facing monetary policy makers around the western world—dialing back stimulus without upending financial markets. But one central bank has been quietly balancing this act since late last year, buying fewer bonds without spooking investors: the Bank of Japan, reports Wall Street Journal (WSJ) On Thursday, […]
Strong risk profile, retail strategy, cost efficiency earn Access Bank higher Agusto rating
Businessam StaffJuly 3, 2017
An aggressive new retail banking push aimed at creating a savings culture in the country, along with strengthening of its risk profile and cost efficient operations, have seen Nigeria’s tier one lender, Access Bank, post a higher rating in an Agusto & Co’s review of the bank’s financial and market position. The rating agency upgraded […]
Barclays Africa to fight $86 Million payout over Bankorp
Businessam StaffJune 21, 2017
Barclays Africa Group Ltd., the South African bank formerly known as Absa, will go to the country’s high court to challenge a decision that it should pay the government 1.125 billion rand ($86 million) over the apartheid-era acquisition of Bankorp Ltd. “This is due to numerous misrepresentations and factual inaccuracies which form the basis of […]
Nigerian banks know position this week in Lafferty 2017 Global Bank Quality Benchmarking ratings
Businessam StaffJune 19, 2017
Ahead of the official release of a global bank quality benchmarking study by United Kingdom based Lafferty Group, a number of Nigerian banks who are believed to have made it into the 100-bank strong rating, will this week become aware of their performance in the study, Businessamlive learnt, Monday. Lafferty Group, responsible for undertaking the […]
Stanbic IBTC, GTB, Zenith likely to emerge best performing banking stocks HY 2017
Obodo EjiroJune 16, 2017
Shares of three banks, Stanbic IBTC, UBA and Zenith are gradually inching to end first half of year 2017 as best performing stocks in the banking sector in Nigeria’s capital market. As at the close of trading Thursday, June 15, Stanbic IBTC shares had recorded price appreciation of N15.69 year-till- date. Similarly, the prices of […]
Fraudsters target N3trn in non-BVN linked accounts
Niyi JacobsJune 13, 2017
Fraudsters are targeting over three N3 trillion in accounts yet to be linked to the central bank of Nigeria introduced biometric verification number (BVN), according to tech and financial analysts. The analysts, who spoke at a CEO roundtable facilitated by Ericsson and International Data Corporation, said that privileged information available to them showed that […]
Former HSBC banker faces extradition fight over currency rigging claims
Businessam StaffJune 9, 2017
A former HSBC executive accused of foreign exchange market manipulation has been arrested and bailed in the UK ahead of a potential battle over his extradition to the US. Stuart Scott, the bank’s former head of cash trading for Europe, the Middle East and Africa, appeared in a London court earlier this week and was […]
CBN targets foreign exchange from exports, directs exporters to register Form NXP
Businessam StaffJune 7, 2017
In a move to shore up foreign exchange earnings for the government, the Central Bank of Nigeria (CBN) has set its targets on exports as it has directed all exporters to strictly comply with the Foreign Exchange Manual, as it introduces Form NXP. The directive was contained in a circular, “Exports from Nigeria- Compliance with […]
European bank bailout soothes anxious markets
Businessam StaffJune 7, 2017
The smoothly executed rescue of Spain’s struggling Banco Popular prodded European banking stocks higher on Wednesday in financial markets dominated by caution ahead of a trio of major events on Thursday, Reuters reports. The absorption of Popular by Spain’s biggest bank Santander for a nominal one euro was the first use of a regime to […]